Egerton Capital

Q2 2022 13F · by John Armitage, CIO

As of: Jun 30, 2022
Filed: Aug 9, 2022
US stock: $14.8B · prev $19.0B
Positions: 26 · prev 29
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves32 since the prior filing

+19.0 pp in · −19.0 pp out

New 3 +6.27 pp
Added 11 +12.75 pp
Trimmed 12 −6.84 pp
Exited 6 −12.19 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 69% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions45% of US stock

unresolved Canadian Pac Ry Ltd trimmed+0.37 pp trimmed+0.3712.1%
MSFT Microsoft Corp added+1.52 pp added+1.529.3%
CNI Canadian National Railway added+2.34 pp added+2.349.0%
GOOG Alphabet Inc. Class C trimmed−1.97 pp trimmed−1.978.8%
V VISA Inc. trimmed−0.18 pp trimmed−0.185.5%

Positions26 in this filing · 6 exited


unresolvedCanadian Pac Ry Ltd	12.05%	25,555,027	$1.8B	trimmed−5%	+0.37 pp	24 q
MSFTMicrosoft Corp	9.34%	5,389,920	$1.4B	added+12%	+1.52 pp	28 q
CNICanadian National Railway	8.98%	11,822,882	$1.3B	added+26%	+2.34 pp	4 q
GOOGAlphabet Inc. Class C	8.77%	593,698	$1.3B	trimmed−19%	−1.97 pp	19 q
VVISA Inc.	5.53%	4,159,031	$819M	trimmed−15%	−0.18 pp	8 q
SCHWThe Charles Schwab Corporation	5.36%	12,561,039	$794M	added+6%	+0.09 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.19%	1,497,320	$769M	trimmed−8%	+0.80 pp	11 q
MAMastercard Incorporated	5.12%	2,404,051	$758M	added×2.8	+3.51 pp	33 q
ADIAnalog Devices, Inc.	4.39%	4,455,057	$651M	added+19%	+1.14 pp	7 q
CSXCSX Corporation	4.37%	22,260,107	$647M	trimmed−27%	−1.61 pp	7 q
FCNCAFirst Citizens BancShares Inc	3.73%	845,100	$553M	added+1%	+0.79 pp	5 q
DHID.R. Horton Inc.	3.40%	7,617,265	$504M	trimmed−3%	+0.33 pp	13 q
AMATApplied Materials Inc	3.01%	4,907,042	$446M	added×2.5	+1.62 pp	2 q
LOWLowe's Companies Inc.	2.89%	2,454,342	$429M	trimmed−32%	−0.96 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.63%	4,766,302	$390M	new	+2.63 pp	new
99952EURLinde PLC/OLD	2.48%	1,275,367	$367M	trimmed−48%	−1.63 pp	10 q
CVECenovus Energy Inc.	2.35%	18,335,980	$349M	new	+2.35 pp	new
KKRKKR & Co. Inc.	2.16%	6,899,535	$319M	added+6%	+0.15 pp	16 q
TECKTeck Resources Limited	2.13%	10,301,465	$315M	added×3.7	+1.54 pp	2 q
LPLALPL Financial Holdings Inc.	1.38%	1,111,310	$205M	added+39%	+0.61 pp	2 q
BBWIBath & Body Works, Inc.	1.36%	7,474,211	$201M	trimmed−45%	−2.07 pp	10 q
BKNGBooking Holdings Inc.	1.29%	109,200	$191M	new	+1.29 pp	new
AAAlcoa Corporation	1.11%	3,620,585	$165M	added+3%	−0.56 pp	2 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.48%	2,593,317	$72M	trimmed−3%	+0.03 pp	9 q
NVRNVR, Inc.	0.30%	11,068	$44M	trimmed−2%	+0.03 pp	2 q
BXSLBlackstone Secured Lending Fund	0.20%	1,235,363	$29M	trimmed−1%	+0.02 pp	3 q
AMZNAmazon.Com Inc	—	−7,398,400	—	exited	−6.35 pp	—
CHTRCharter Comm Inc Del CL A New	—	−1,225,195	—	exited	−3.52 pp	—
SNAPSnap Inc.	—	−6,660,121	—	exited	−1.26 pp	—
PVHPVH Corp.	—	−1,809,333	—	exited	−0.73 pp	—
VMCVulcan Materials Company(Holding Company)	—	−223,611	—	exited	−0.22 pp	—
TSCOTractor Supply Co	—	−88,190	—	exited	−0.11 pp	—